tl;dr
Workers at a Costco (NASDAQ:COST) store in Norfolk, Virginia recently voted by a large majority in favor of joining the Teamsters union. This successful vote marks the first organizing victory at a Costco location in over 20 years, and it comes as a surprise given Costco's low employee turnover rate...
Workers at a Costco (NASDAQ:COST) store in Norfolk, Virginia recently voted by a large majority in favor of joining the Teamsters union. This successful vote marks the first organizing victory at a Costco location in over 20 years, and it comes as a surprise given Costco's low employee turnover rate and strong reputation for worker-friendly policies, including above-average hourly wages and generous healthcare benefits. However, labor organizers may have gained an edge at the Norfolk store due to the additional strain on workers since the pandemic.
Teamster organizer Nick Jones noted that while Costco has historically been viewed as a fair employer, concerns have arisen with corporate interests impacting employee treatment at this particular store. Despite over 18,000 Teamsters at Costco nationwide, analysts do not anticipate a significant impact on the retailer's short-term earnings, as only about 5% of Costco employees are currently part of a union. Costco's response to the union development differs from other consumer-facing companies, as its leadership took responsibility, acknowledging that the desire for a union by the majority of Norfolk employees reflects a failure on their part. Despite this, Costco remains committed to its core value of taking care of its employees.
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